Miami-based Starwood Capital Group and Vancouver, Wash.-based Holland Partner Group formed a joint venture to acquire and develop a multifamily property in San Pedro, Starwood Capital announced May 13.

The project, called 550 Harborfront, is in an opportunity zone. It is expected to be completed in spring 2020. It will have 375 units, a fitness center, lounges and a pool.

"We are excited by the opportunity to develop the first Class A multifamily property in San Pedro since 2008," said David Baker, senior vice president at Starwood Capital, in a statement.

It is located at 550 S. Palos Verdes St.

In January, Starwood Capital announced it had formed an opportunity zone business.

In New York, Starwood Capital is planning a 147,000-square-foot mixed-use project. The project is in an opportunity zone in the South Bronx.

Commercial real estate reporter Hannah Madans can be reached at hmadans@labusinessjournal.com. Follow her on Twitter @HannahMadans